阿拉丁(688179) - 阿拉丁接待投资者调研活动记录（2024年4月9日）

Group 1: Investor Meeting Overview - The investor meeting took place on April 9, 2024, with both onsite and online participation from various institutions including CITIC Securities and GF Fund [1] - The meeting was attended by the company's board member, deputy general manager, and board secretary Zhao Xin'an [1] Group 2: Market Demand and Product Strategy - Demand from university clients has been recovering quickly as normal teaching and research activities resume, leading to an increase in their proportion [2] - The acquisition of Source Leaf Biology will enhance Aladdin's biochemical reagent product line, addressing existing gaps and creating a synergistic relationship [2] Group 3: Policy Support and Financial Aspects - The People's Bank of China has introduced a re-lending policy for technological innovation and equipment upgrades, with a quota of CNY 500 billion and an interest rate of 1.75%, aimed at boosting investment in technology-oriented SMEs [3] - Aladdin primarily operates on a prepayment model for most customers, with short payment terms and a small accounts receivable scale, ensuring good cash flow [4] Group 4: Industry Comparison and Sales Strategy - Aladdin's SKU count is significantly lower compared to foreign brands, which have larger product ranges due to their longer establishment periods [5] - The company will continue to focus on an e-commerce model while providing direct sales services to large clients, with a dual approach of direct sales and distribution through dealers [6] Group 5: Industry Growth and R&D Investment - In 2023, China's R&D expenditure reached CNY 332.78 billion, an increase of 8.1% from the previous year, with an R&D intensity of 2.64% of GDP, up by 0.09 percentage points [6] - The increase in R&D funding is expected to drive higher sales of consumables in the reagent industry, indicating a long-term growth potential [7] Group 6: Disclosure Statement - The meeting did not involve any information that requires mandatory disclosure [7]